IFRS 17 technology showcase

A progressive approach to IFRS 17 can produce lasting benefits

IFRS 17 has massive implications for the technology estate of insurance firms, especially where there are significant unresolved legacy issues and hangovers from acquisitions.
We have seen first hand that IFRS 17 implementation programmes are not going to be successful if firms think that new systems can just be layered up on existing systems to produce a new set of reports. We have also seen that insurers adopting a positive and progressive approach to IFRS 17 are identifying lasting benefits.

Elevate your data to a new level of clarity

By embracing the challenge of IFRS 17, firms can elevate their data collection, analysis and output to a new level of clarity as a key tool for informing and shaping business strategy. It can also promote a productive collaboration outside traditional internal silos.

New ways have to be found for collecting, processing and analysing all of a firm’s data, including historical data that generations of systems upgrades have simply ignored because it is too hard to convert or upload.

Time for an honest conversation

The sobering picture that emerged from our series of global technology showcases is that IT has not been adequately engaged with the debate so far. This is not a universally gloomy picture though, some insurers used Solvency II as a catalyst to completely overhaul their systems and their data collection. IFRS 17 can be used to provide a similar stimulus.There is an urgent need to lock in senior management interest.

“A lot of communication and training has to happen. We have to be clearer and find a much more concise way of describing the convoluted problem.”

PwC’s IFRS 17 Consulting Lead, Alwin Swales

Contact us

Alwin Swales

Partner, PwC United Kingdom

Tel: +44 (0)20 7212 2032

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